US finally approves crypto perpetual futures — long Coinbase as the big winner
The top US derivatives regulator just gave the green light for crypto perpetual futures — the most popular crypto trading product worldwide — to be offered legally in America for the first time. Coinbase is among the first platforms cleared to offer them.
Idea
Perpetual futures are the most traded crypto product on the planet, but they've only existed on offshore exchanges like Binance — until now. Bringing them to regulated US platforms unlocks a massive new revenue stream for Coinbase, which is already one of the first approved. This isn't a one-day news pop; it's a structural change that widens Coinbase's business and pulls volume away from unregulated competitors. Even though Bitcoin ETFs have seen recent outflows, this milestone is about Coinbase's platform, not Bitcoin's price today. As traders and institutions gain access to these products onshore, Coinbase's trading fees should climb meaningfully.